March 10, 2004
I was under the impression that I have lived and worked in a FREE ENTERPRISE SYSTEM my entire adult life.The proposed FINE for trading in and out of a mutual fund within a 5 day period is an unfair penalty to small investors such as myself.
Your one official that dissented hit the nail on the head when he called this proposal a TAX. After all, I can buy an individual stock or option contract and sell it in the same day without a FINE,why should the assests in my 401k plan be subject to a penalty if I do not leave them at the mercy of the stock market for 5 consecutive working days? This new rule would be, in my veiw,a violation of my rights as an investor. I urge the SEC to reconsider this restrictive tax.